Confluence Investment Management LLC Has $2.83 Million Stock Holdings in Hagerty, Inc. $HGTY

Key Points

• Confluence Investment Management LLC reduced its stake in Hagerty, Inc. by 11.5%, selling 36,450 shares, and now holds approximately 0.08% of the company valued at $2.83 million.
• Major shareholder Holding Corp. Hagerty sold 8,245,000 shares at an average price of $8.92, totaling over $73 million, while insider sales in the last 90 days reached nearly $108 million.
• Analysts have set a consensus target price of $12.67 for Hagerty, with recent ratings indicating an "outperform" from Keefe, Bruyette & Woods and Evercore ISI.

Confluence Investment Management LLC trimmed its position in Hagerty, Inc. (NYSE:HGTY - Free Report) by 11.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 279,919 shares of the company's stock after selling 36,450 shares during the quarter. Confluence Investment Management LLC owned about 0.08% of Hagerty worth $2,830,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of HGTY. Neuberger Berman Group LLC raised its stake in Hagerty by 15.7% during the 1st quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company's stock valued at $49,438,000 after purchasing an additional 743,597 shares during the last quarter. Greenhaven Road Investment Management L.P. raised its position in Hagerty by 10.1% in the first quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company's stock worth $12,299,000 after purchasing an additional 124,336 shares in the last quarter. Lincoln Capital LLC raised its position in Hagerty by 12.3% in the first quarter. Lincoln Capital LLC now owns 555,286 shares of the company's stock worth $4,753,000 after purchasing an additional 60,791 shares in the last quarter. Garner Asset Management Corp acquired a new position in Hagerty in the first quarter worth about $2,909,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Hagerty by 4.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 142,768 shares of the company's stock worth $1,291,000 after purchasing an additional 5,667 shares in the last quarter. 20.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

HGTY has been the topic of several analyst reports. Oppenheimer initiated coverage on shares of Hagerty in a report on Wednesday. They issued an "outperform" rating and a $15.00 target price on the stock. Evercore ISI initiated coverage on shares of Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price on the stock. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price on the stock. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $13.25.

Hagerty Price Performance

NYSE:HGTY traded down $0.10 during mid-day trading on Friday, reaching $12.88. 17,597 shares of the company were exchanged, compared to its average volume of 103,233. The stock has a market cap of $4.40 billion, a PE ratio of 64.40 and a beta of 0.91. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.27. Hagerty, Inc. has a 12 month low of $8.03 and a 12 month high of $13.32. The company has a fifty day moving average of $11.04 and a 200 day moving average of $9.95.

Hagerty (NYSE:HGTY - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $368.70 million for the quarter, compared to analyst estimates of $347.15 million. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. Hagerty has set its FY 2025 guidance at EPS. On average, research analysts anticipate that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling at Hagerty

In related news, Director Robert I. Kauffman sold 17,622 shares of the stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $12.46, for a total value of $219,570.12. Following the sale, the director directly owned 1,221,389 shares in the company, valued at $15,218,506.94. This trade represents a 1.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 11,955,387 shares of company stock valued at $107,870,374. Company insiders own 16.70% of the company's stock.

Hagerty Profile

Hagerty, Inc provides insurance agency services worldwide. It offers motor vehicle and boat insurance products; and reinsurance products. The company provides Hagerty Media, which publishes contents through the Hagerty Drivers Club Magazine (HDC), video content, and social media channels; HDC that offers subscription based products and services, including HDC Magazine, automotive enthusiast events, proprietary vehicle valuation tools, emergency roadside services, and special vehicle-related discounts.